Insurance Company Obligation to Designate Compliance Directors Amended

In order to harmonize compliance functions between conventional and sharia insurance/reinsurance companies, as well as between insurance/reinsurance broker companies and insurance loss appraisal companies (collectively referred to as “Insurance Companies”) and the compliance functions which apply to other financial service institutions, the Financial Services Authority (Otoritas Jasa Keuangan – “OJK”) recently issued Regulation No. 43/POJK.05/2019 (“Amendment”), which amends Regulation of the OJK No. 73/POJK.05/2016 on Good Corporate Governance for Insurance Companies (“Regulation 73/2016”).[1]